Cybersecurity spending will exceed $100bn over the next 4-5 years, says Intel Security

Cybersecurity spending will exceed $100bn over the next 4-5 years, says Intel Security

A new collaborative research by John McAfee-founded Intel Security and the Washington-headquartered Center for Strategic and International Studies (CSIS) has detailed how the shortage of cybersecurity skills is the root cause for significant data loss, which damages finances and reputation of countries and businesses.

The study detailed reports from cybersecurity experts from various organisations in the US, UK, France, Germany, Australia, Japan, Mexico and Israel, and 82% of them confirmed there was a shortage in workforce.

The study titled Hacking The Skills Shortage revealed that in 2015, over 200,000 cybersecurity jobs were left vacant in the US alone. The disturbing statistics were noted, despite 1 in 4 IT experts confirming that their organisations had lost proprietary data due the shortage of skilled professionals. Additionally, the research estimated that an average of 15% of cybersecurity positions will remain vacant by 2020.

Intel Security CTO (Emea) Raj Samani told IBTimes UK: “It has been estimated that total global cybersecurity spending will exceed $100bn [£763m; €908m] over the next four to five years. Yet, beyond this investment, the shortage of cybersecurity skills can also lead to huge costs for businesses as a talent shortfall could make organisations more vulnerable to attackers. A lack of sufficient cybersecurity staff could encourage cyber thieves to target a specific business, resulting in data loss or theft, reputational damage and the possibility of large fines.”

While, James A Lewis, senior vice president and director of the Strategic Technologies Program at CSIS explained, “A shortage of people with cybersecurity skills results in direct damage to companies, including the loss of proprietary data and IP. This is a global problem; a majority of respondents in all countries surveyed could link their workforce shortage to damage to their organisation.”

Read the full article and see the video at International Business Times.